BOGOTA (Reuters) – Spanish ride-hailing app Cabify has raised $110 million in financing aimed at accelerating its growth in Latin America and Spain, the company said on Tuesday.

Cabify closed the funding round with participation from investors like Orilla Asset Management and AXIS, through Fond-ICO Next Tech.

“This commitment by strategic investors is a recognition of Cabify’s positive impact and potential to continue creating long-term value for our investors and the cities in which we operate,” Cabify CEO Juan de Antonio said a statement.

Cabify, whose business volume jumped 32% in 2022 from the previous year, said the capital injection will help increase its market share in more than 25 cities in Latin America and Spain with populations over 200,000.

The company, which operates in more than 40 cities in Argentina, Chile, Colombia, Mexico, Peru, Uruguay and Spain, said in November it would invest more than $300 million through 2024 to strengthen its presence in Latin America.

In December Cabify secured a 40 million euro loan from the European Investment Bank aimed at purchasing electric vehicles. The company aims for all rides through its app to be in zero-emission vehicles by 2025 in Spain and by 2030 in Latin America.

With over 42 million registered users and 1.2 million drivers, Cabify employees over 1,000 people in Spain and Latin America.

(Reporting by Luis Jaime Acosta and Brendan O’Baoyle; Editing by Leslie Adler)